Why FIs Need Resilient Call Centers in a Self-Service World

In a survey, 71 percent of consumers said they would use entirely computer-generated support for financial services. With the majority of consumers preferring self-service options, should your financial institution (FI) still prioritize traditional service delivery methods, including calls, in your business continuity program? In short, the answer is yes.

Here are two reasons you should.

Customers Prefer Phone Calls for Certain Situations

Self-service solutions work for everyday transactions, but customers still pick up the phone when they’re in the research phase of a major financial decision. For example, 65 percent of people are more likely to take out a loan from an institution they had spoken on the phone with. That number jumps to 73 percent for loans of $100,000 or more. In other cases, customers prefer to pick up the phone to get a quick answer without having to fill out a web form or to discuss a complex situation.

Paying attention to the wants and needs of consumers is crucial as customer loyalty drops. If your call center experiences an extended outage and you’re not available by phone when a customer needs you, they won’t hesitate to do business with a different organization.

There Are Compliance Requirements for Call Center Availability

In many cases, the accessibility of phone service is tied to compliance. The FFIEC, for example, requires FIs to perform vulnerability assessments for critical support areas and interdependencies such as telecommunications. It also stipulates that the backup site should mirror operational functionality, including call centers. To ensure the business continuity plan works in practice and not just on paper, the FFIEC recommends stress testing critical functions that might experience increased customer volume during a crisis. These functions include online banking, phone-based banking, ATMs and, of course, call centers.

If phone calls precede large transactions, that’s all the more reason to ensure you have agents ready to assist customers.